Arsenal cash flow keeps Kroenke at bay

English Arsenal benefited from its first season in Emirates Stadium, with increased turnover of GBP 68 million, up to GBP 200 million for the 2007 fiscal year.

Debts are expected to rise to GBP 350 million, although GBP 260 million is a fixed-rate bond used for the stadium.

That has led the club to promise a healthy budget for manager Arsene Wegner. It also has led the club to, once again, tell U.S. investor Stan Kroenke that Arsenal is not interested in his money – or his desire to own the club.

Kroenke, who now has more than 12 percent of Arsenal shares, is trying to meet with the rest of the board, which has frozen him out of being able to buy significant shares of the club.

The Kroenke affair has put into question the marketing agreement between MLS Colorado Rapids, owned by Kroenke, and Arsenal. Kroenke has not signed on to the agreement by which he would not purchase any more shares of the club.

Kroenke's attempt to force his way into the club led to the departure of Arsenal vice-chairman David Dein, who supported Kroenke's move.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.